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Efecto De La Ley De Opa En El Retorno De La Acción En Chile

Author

Listed:
  • Darcy Fuenzalida O'Shee

    (Universidad Técnica Federico Santa María)

  • Mauricio Nash Sarquis

    (Universidad Técnica Federico Santa María)

Abstract

La evidencia internacional, principalmente estadounidense, ha encontrado retornos anormales positivos para la empresa que es objeto de una oferta pública de acciones (OPA) al momento de su anuncio. Esta Investigación, tiene como objetivo contrastar la evidencia internacional con la chilena, y analizar el efecto de la Ley de OPA en el retorno de una acción. Para ello, se aplicarán criterios de selección a la totalidad de las OPA's en Chile en el periodo 1995-2002, seleccionándose catorce empresas. Se encontró evidencia en Chile, de que al momento de anunciarse una OPA, se generan las expectativas que dan como resultado retornos anormales positivos el día del anuncio, y que los retornos son menores cuando existe Ley de OPA.

Suggested Citation

  • Darcy Fuenzalida O'Shee & Mauricio Nash Sarquis, 2003. "Efecto De La Ley De Opa En El Retorno De La Acción En Chile," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 2(4), pages 305-320, Diciembre.
    • Handle: RePEc:imx:journl:v:2:y:2003:i:4:p:305-320
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    File URL: http://www.remef.org.mx/index.php/primera/article/view/156
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    More about this item

    Keywords

    Tender Offer (OPA); Modelos estadísticos; Periodo de Evento; Periodo de Pre-Evento; Prueba de error individual; Prueba de error acumulado;
    All these keywords.

    JEL classification:

    • C40 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - General
    • C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments

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